Dangote Praises Tinubu’s Fuel Subsidy Removal, FX Reforms

Aliko Dangote, President of Dangote Industries Limited, has commended President Bola Tinubu for implementing key economic reforms, particularly the removal of the fuel subsidy and liberalisation of Nigeria’s foreign exchange market.

Dangote made the remarks on Monday at the Nigerian Exchange (NGX) in Lagos during the formal launch of the Initial Public Offering (IPO) of Dangote Petroleum Refinery and Petrochemicals.

The billionaire industrialist described the reforms as bold measures and expressed support for the Tinubu administration’s efforts to reposition the Nigerian economy.

“I want to thank him for taking a lot of bold steps by removing the subsidy and democratising the exchange rate,” Dangote said.

He added that the Dangote Group remains committed to working with the Federal Government to support Nigeria’s economic development and strengthen the country’s position within Africa.

“We thank you very much for your leadership, and we will continue to partner with the government to ensure that we make this country great and we make Africa great,” he said.

Dangote, who previously served as president of the Nigerian Exchange, also praised the growth and transformation of the local bourse.

Reflecting on his time at the helm of the exchange, he said its progress had exceeded his expectations.

“I was the president of this exchange. Even when I was inviting people to come and help me turn the exchange around to make it a world-class exchange, I never thought this exchange would be at this level in 2026,” he said.

He also disclosed that a larger ceremony is expected to take place with President Tinubu in attendance.

Dangote Refinery launches N2.15tn IPO

The Dangote Petroleum Refinery IPO opened on Monday, offering 4.1 billion new ordinary shares at N525 per share.

At the offer price, the share sale could raise approximately N2.15 trillion if fully subscribed.

Investors can subscribe for a minimum of 10 shares, representing an initial investment of N5,250.

The public offer is scheduled to close on October 13, 2026, subject to the terms and conditions contained in the prospectus.

The listing represents a significant step in Dangote Refinery’s entry into Nigeria’s capital market and gives investors an opportunity to gain exposure to one of the country’s largest industrial projects.